The Bitcoin Triple bottom — For the Novice Crypto Investor
Amidst the regular crashes and rebound of the Price point of Bitcoin, it is very important to look at the price points and patterns even as a newcomer. Technical analysis might sound like rocket science to the uninitiated cryptocurrency investor, however, it is important to notice the gross
Rise and Fall that is reflected over a decent amount of time as opposed to the short-term order-books that one sees on the crypto-exchanges, especially when it comes to Bitcoin.
It is important to know when a Bottom is tested for a major crypto-currency, before looking to buy any other crypto-currency when you’re a novice to Crypto trading & Investing.
What is a Triple bottom?
It is a visual pattern, observed over a reasonable amount of time shows that the buyers are taking control of the price action from the constant sellers.
Bull vs Bear interpretation
Even in the most volatile situation, you have instances where the constant traders have a lot of impact on the price action. It is natural to observe gross trends reflecting the same. During a triple bottom is generally seen as a pattern of three specific lows bouncing off a price point where heavy buys happen and thus acting as a support level. The formation of a triple bottom ideally gives the hint to buyers that they should be taking a bullish position in a traditional market.
When it comes to cryptocurrency market, we have noticed that the Bitcoin price has taken a natural expansive price action when it comes to a year-on-year analysis, in terms of growth. It is almost natural to assume that certain bottom price points of bitcoin may never be reached when the adoption
of bitcoin has only continued to rise amidst speculation on the adoption, usage, and utility.
How do you Look for substance in content for Bitcoin price predictions?
Whether it’s a bear run or a bull season, it is very important to look for reliable analysis from content creators and analysts, to know the actual fundamentals that are happening behind the scenes.
Amidst the Most common terms used over the past few months:
- Death cross
- Resistance (bear control)
- Support level (bull control)
This might be handy to spot as opposed to Gross predictions even by reliant sources and Accounts which barely state the obvious numbers and predictions, which is a major red flag given that even a broken clock is right twice a day.
Key Takeaway
Even though the second generation of crypto-currencies promise for far more utility and potential store of usability and utility, it is essential to know the Bitcoin world acts as the gateway crypto-asset that drives the major trends and price points
Limitation: The uncertainty when it comes to the crypto-market. While a double and triple bottom might be the easiest pattern to recognize, a foreseeable pattern could be a consistent head and shoulder pattern reflecting a bearish trend. It is essential to correlate the market patterns with the real world trends and adoption of a particular asset before making an informed decision.
Credit to smart use of Bitcoin Triple bottom: Invest Answers
Shout out to one of the reliant Edutainment content for Crypto — Math, Money & Freedom]
FYI: Regard none of the above as Financial advise, it is always important to DYOR (do your own research) before jumping onto the buying price points.
Upcoming next: Trends in Ethereum price points
